(Adds details on results, outlook)
Feb 27 (Reuters) - Occidental Petroleum Corp OXY.N
reported a quarterly loss on Thursday, as the oil and gas
producer took more than $1.7 billion in impairment and other
charges.
The company has been aggressively cutting costs by laying
off staff and selling assets to pay down its $38.54 billion debt
pile following its $38 billion acquisition of Anadarko
Petroleum.
It has announced divestitures worth $10.2 billion, compared
with its target of $15 billion.
Occidental had also previously lowered its spending plans
for the year and trimmed production goals to safeguard its
dividend at a time when investors have been pressuring oil and
gas companies to boost shareholder returns.
On Thursday, the company maintained its plans to spend $5.2
billion to $5.4 billion in 2020, well below the $6.36 billion it
spent last year. It also maintained plans to boost output by 2%
this year.
Occidental reported fourth quarter production of 1.42
million barrels of oil equivalent per day (boepd), in line with
its preliminary expectations announced earlier this month. The company forecast average daily production in the first
quarter between 1.38 million boepd and 1.4 million boepd,
slightly above analysts' estimates of 1.36 million boepd,
according to Refinitiv IBES data.
Net loss attributable to shareholders came in at $1.34
billion, or $1.50 per share, in the fourth quarter ended Dec.
31, compared with a profit of $706 million, or 93 cents per
share, a year earlier.
The quarterly results included charges related to the
company's Western Midstream stake sale as well as severance,
integration and other costs stemming from the Anadarko deal.
On an adjusted basis, the company posted a loss of 30 cents
per share.
The company's shares were up less than 1% in extended
trading. It is expected to hold a briefing on Friday to discuss
its results.